Latham Dominated Private Credit Market in 2025

Latham & Watkins dominated KBRA DLD's FY 2025 direct lending league tables, ranking #1 across all US and EMEA lender-side direct lending categories by deal count. Combined, Latham advised on 183 lender-side direct lending transactions — 41 more than the next closest firm and nearly four times the volume of the third-ranked adviser — capturing approximately 29% of the lender-side market. These results underscore the firm’s position at the center of the private credit ecosystem, trusted by sponsors and lenders alike on the most complex financings.

United States

• #1 US Direct Lending (Lender Representation) by Deal Count 
• #1 US Direct Lending (Combined Buyside, Sellside & Lender Representation) by Deal Count 

Latham advised on nearly one-third of all ranked US lender-side direct lending transactions completed in 2025.

EMEA

• #1 EMEA Direct Lending (Lender Representation) by Deal Count 
• #1 EMEA Direct Lending (Buyside Representation) by Deal Count
• #1 EMEA Direct Lending (Sellside Representation) by Deal Count
• #1 EMEA Direct Lending (Combined Buyside, Sellside & Lender Representation) by Deal Count

Latham completed 72 EMEA direct lending transactions, more than double the second-ranked firm, and accounts for approximately 41% of all deals among the top five firms on a combined basis according to KBRA data.